India’s growth rate may languish at the current 5 per cent levels in the near term, Anirvan Banerji, Co-founder and Chief Research Officer of the New York-based Economic Cycle Research Institute has said. “India is not going to see a near 7 per cent growth in GDP in the coming years,” Banerji said, adding that the signs of overall economic performance in the country suggest that it is going to stay at around the current rate of about 5 per cent.
He was talking to newspersons on the sidelines of a lecture series – “Global Economy – the Risk Factors and outlook for India” – organised by the Calcutta Management Association here on Friday. “The signs are clear than promises,” he said.
The Finance Ministry has forecast a growth rate of up to 6.7 per cent in 2013-14.
Banerji said developing economies, barring South Saharan countries, have been seeing “economic downswings” due to higher cyclical volatility and lower trend growth. India is witnessing similar signs, he added. India’s over dependence on exports could further dampen the situation as the global markets have not been seeing good growth, he pointed out.